Section 194LBA of the Income Tax Act, 1961 has been inserted with effect from 1st October, 2014. The provisions of the same are explained hereunder – The Income covered under Section 194LBA Time of Deduction Rate of Deduction Nature of Income: Income distributed by Business Trusts referred to in Sec 115UA, being of a nature…
CPC (TDS) has issued a letter to all deductors with information regarding the release of new feature Aggregated TDS Compliance at Organizations PAN level. The letter produced is here as under: Date of communication: 03/05/2014 Dear Deductor, In our endeavor to facilitate improved TDS administration, CPC (TDS) feels glad to provide you with the feature of…
CPC(TDS) has issued a letter to all deductors regarding clarification of Lower Deduction/No deduction u/s 197 or 197A The letter produced is here as under: Date of communication: 04/02/2014 Dear Deductor, Greetings from CPC(TDS) team! CPC(TDS) team feels glad to constantly update our stakeholders with relevant advisory communications from time to time. This communication…
PAYMENT OF ADVANCE U/S. 207, 208, 209, 210 AND 211 OF THE INCOME TAX ACT, 1961 Payment of advance tax is governed by sec. 207,208,209,210 and 211 of the Income Tax Act 1961. Payment of Advance Tax is also known as pay tax as and when you earn. As per the provision, tax payable on…
On the matter of tax exemption or liability after retirement / superannuation let us have a look at the basic provision related to tax-ability of leave salary. Leave salary, also known as leave encashment, means that employee will receive the cash for leaves which are not taken by the employees. The leave encashment received during…
SECTION 197A OF THE INCOME-TAX ACT, 1961 – DEDUCTION OF TAX AT SOURCE – NO DEDUCTION IN CERTAIN CASES – SPECIFIED PAYMENT UNDER SECTION 197A(1F) NOTIFICATION NO. 56/2012 [F. NO. 275/53/2012-IT(B)], DATED 31-12-2012 In exercise of the powers conferred by sub-section (1F) of section 197A of the Income-tax Act, 1961 (43 of 1961), the Central…